Question

(07.27.02) The term REALTOR® is a registered trademark name and only those Real Estate Professionals who become a member of a local Association and, ultimately a member of the National Association of REALTORS®, may use the term REALTOR®. Those Members must subscribe to the Code of Ethics of the National Association of REALTORS®. This living document provides guidance for responsible and ethical behavior of REALTORS®. To access the Code of Ethics go to the public section of this Web site and check out the Links. You will find a hyperlink to the Code under the National Association of REALTORS® header.

(08.03.02) Real Estate is frequently sold with the sale dependent on certain things occurring or certain facts being identified. Blacks Law Dictionary defines "contingent" in part as "dependent on something else; conditional." This permits Buyers and Sellers to negotiate the sale of property while providing protection for either party if things don't work out as planned. A Buyer might purchase a property contingent on securing a specific kind of loan, a satisfactory inspection of the property or subject to the sale of their current home. A Seller might sell a property contingent upon finding an acceptable property to replace the one they are selling. Contingencies always have dates that define the time period within which they must be satisfied. Generally speaking, if things don't work out as carefully defined by a contingency within the time frame as described, any funds held (earnest money) are returned to the Buyer and the purchase agreement is voided.

(08.24.02) The first factor is a date agreeable to both Buyer and Seller for closing and possession. This date is set when the offer to buy is negotiated and can be changed after that only by agreement of both parties.

Once the date has been established, the next factor is the contingencies in the offer to buy. These generally includes financing and inspections. You must allow enough time to release these contingencies. Depending on the type of financing, this can take a few days up to thirty days. Inspections can take from a few days up to a couple of weeks.

The final factor is the legal work that needs to be done prior to closing. The Seller must have the abstract (history of title) brought up to present. The Buyers' attorney must prepare a title opinion showing what must be done to give clear title. This can be accomplished in as short a time as five working days and should not take more than two weeks.

(09.07.02) An offer, as defined in Black's Law Dictionary, is "The act or an instance of presenting something for acceptance."  A verbal offer, as it pertains to the sale of real estate, is a spoken offer (that is, not in written form). Conversely, a written offer is one that has been committed to paper. While real estate can be sold via either verbal or written offer, ONLY a written offer is deemed to be enforceable. This means if one party breaks their promise prior to the completion of the sale, only a written offer is viewed by the courts as legally sustainable.

(06.22.02) Interviews are very acceptable. One of the ways to select a REALTOR® is to compare the Comparative Marketing Analysis they offer for your home. Does it show the most favorable features of your home? How do they plan to reach the most potential Buyers? Will you receive exposure and through what means? Do they communicate well? Do they listen to your concerns? Do they have a plan to keep you informed during the listing period?

The most common mistakes that are made in selecting a REALTOR® are:

Listing with the agent who offers the lowest commission or the highest price. The terms of the agreement should be considered separately from the selection of the best marketing plan. Select a REALTOR® first, then negotiate terms.